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<br />NORTR CAROLINA
<br />ORANGE COUNTY
<br />MEMORANDUM OF AGREEMENT, Made and entered Snto this the 2nd day of
<br />February, 19 ~'. by end between the Board of County Commi scions re of Orange
<br />County, North Carolina, party of the Pirst part, and the Durham Hank & Trust
<br />Company, of Durham, North Carolina, party of the aeoond part; WTTeJE99ETH:
<br />That whereas, the Durham Hank & Tru et Company (Hill eboroBranch) has been
<br />deei greeted ae the official depository bank for the funds of Orange County, as
<br />will appear by re eolutl an of the Board of County Commiael onere this day duly
<br />adopted and recorded. in the minutes oP ea id Board• and whereas, a part of
<br />the con si derati onfor eaSd act an the part oP the ~oxrd of County Commi esi onere
<br />was en offer and agreement by the Durham Hank & Tru et Company to dap oast
<br />eat lefectory collateral ineacrow, eaSd Dolls to ral to co reel at of bonds of the
<br />United States, bo nda oP the State of North Carolina, or bonds of counties or
<br />oltiea within said State which have been duly approved by the North Carolina
<br />Local Government Commisai on ae eat iefactory collateral to an amount of not
<br />lees than 533.000.00 par value.
<br />Now, therefore, St Ss hereby agreed that the eaSd Durham Hxnk & Tru et
<br />Company, of Durham, North Carolina, does deposit in escrow with The Fidelity
<br />Hank of Durham, North Carolina, bonds to the amount of 833,000.00 par value,
<br />as shown by the attached inventory, which inventory is made apart of this
<br />agreement ~u st ae if same had bean herein set Porth in itemized form, which
<br />deposit is made under and Sn accordance with the provisions of Section 1334(70
<br />of the Consolidated Statutes of North Carolina, and amendments thereto, eaSd
<br />bonds to be held by The Fidelity Bank oY Durham, North Carolina, for the benef
<br />of Orange County, aub~e et to the order of the Hoard of County Commieal one re
<br />of said County in the event oP any default or loss suffered by said Orange
<br />County caused or occasioned by any failure or default on the part oP Lhe
<br />Durham Bank & Trust Company,
<br />It is further hereby agreed that the party of the se ao red part shall. have
<br />the right from time to time to melee au eh than gee and subatl tutione in the
<br />collateral herein provided Por as St may desire, providing only that said
<br />collateral at all times amount to not leas than 833,000.00 par value of bo nda
<br />as above ape cified end provided for.
<br />Iv TESTIMONY OF THIS AGREEMENT, the party of the first part has caused
<br />these presents to be a±gned Sn its corporate name by the Chnifman of the
<br />Board of County Comm is eionere, duly attested by the Seers taryto said Hoard
<br />and the seal of the County to be affixed, all by authority of the re eoluti oa
<br />of the Hoard of County Commi ealonera duly passed and entered in the minutes of
<br />eaSd Board. And the party of the second part has caused this agreement to be
<br />signed in Ste corporate name by a Vi ce~-Preaid en t, duly at to ated by Ste Secre ta~.
<br />and its corporate seal to be off Sxed, by authority of its Hoard of Di re et ore.
<br />ORANGE COUNTY
<br />(SEAL)
<br />Attest:
<br />S. W, Andrews
<br />secretary to the Board
<br />(SEAL)
<br />Attest:
<br />R, H. Reads
<br />Seo retary
<br />ACCEPTANCE
<br />Hy, J. E, Lawa (SEA
<br />Chairman of Hoard of
<br />County Comm is alone re
<br />DURHAM BANK & TRUST CO
<br />Hy: W.. W. Woodley, J
<br />VS oe~-Pre e1 den t
<br />The foregoing A reement between Orange County, North Caroline, and the
<br />Durham Bank & Trust Company, of Durham, North Carollna, having Plret been care:
<br />read, the undersigned Bank does hereby accept the trust reposed in it by
<br />said Agreamen t, and it does further acknowle dge the receipt of bonds to the
<br />par value oY not le ae than $33,000.00, ae are eho wn Sn detail by the attached
<br />Snvento ry; and it dose further hereby sous nant and agree to hold said bonds Sn
<br />escrow for the benefit of Orange County in accordance wt th the terms of the
<br />foregoing Agreement.
<br />IN TESTIMONY OF THE AHOVE ACCEPTANCE, the under sl gned Hank has eau aed
<br />these presents to be sl gned by its Preeldent or Vice-Pre al dent, duly attested
<br />by Sta Asal etant Cashler, and Sts corporate seal to be aPfiaed, this the _
<br />day oY February, 194?,
<br />(SEAL) THE FID^ELI TY BANK
<br />Atte at: Hy, L. D. Kirkland
<br />John F. WS ly, Sr.
<br />Assi etant Cashier (CON'T)
<br />(SEAL)
<br />(SEAL
<br />(HEAL)
<br />(SEAL)
<br />
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